Table of Contents

PURPOSE OF THE QUALIFICATION 3

WHY STUDY THE LIBF LEVEL 4 DIPLOMA FOR FINANCIAL ADVISERS? 3

OBJECTIVES 3
KEY CONTENT AREAS 3
QUALIFICATION LEARNING OUTCOMES 4
KEY SKILLS DEVELOPED 5
ENTRY REQUIREMENTS 5
RECOGNITION OF PRIOR LEARNING (RPL) 5
PROGRESSION AND PREPARATION FOR FURTHER STUDY 5
APPRENTICESHIPS 6
PREPARATION FOR EMPLOYMENT / PROFESSIONAL DEVELOPMENT 6
STRUCTURE 6
TOTAL QUALIFICATION TIME (TQT) 7
LEARNING RESOURCES 7
WHAT TO DO BEFORE THE ASSESSMENT 7
ASSESSMENT 8
QUALIFICATION GRADING 8
RESUBMISSION AND RESIT ATTEMPTS 9

APPENDICES 10

APPENDIX 1 – REGULATION DETAIL 10

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Purpose of the qualification

Why study LIBF Level 4 Diploma for Financial Advisers (DipFA)?

The LIBF Level 4 Diploma for Financial Advisers (DipFA) is an industry benchmark qualification which
meets the Financial Conduct Authority’s (FCA) qualification requirement for retail investment
advisers. Highly relevant and practical, the programme is tailored to reflect the role of an IFA,
providing you with the required knowledge and skills to apply the subject matter effectively in the
workplace. The assessments comprise of case-study-based learning designed to replicate the real-
life activities that advisers undertake.

Objectives
As a comprehensive course focusing on the UK financial services industry and its role in serving the
consumer, the qualification develops specialist knowledge and skills by introducing you to the
application of financial services regulation and the responsibilities of a regulated adviser. As part of
this, it will provide you with an insight into the application and review of risk and ethics. The
qualification will also equip you with the knowledge and skills required to offer financial advice as
well as create, implement and maintain financial plans.

The London Institute of Banking & Finance is a leading provider of qualifications recognised by the
Financial Conduct Authority as being appropriate for certain regulated functions. However it is your
responsibility to be aware of and adhere to any additional regulatory requirements associated with
these roles as set out in the FCA Handbook. Please refer to the Financial Conduct Authority for
further information.

Key content areas

• This unit introduces knowledge and understanding of financial institutions to enable you to
identify the different types of service that they provide.
• The functions and importance of the main components of the monetary and financial
system.

• The concept and nature of risk and factors to the advice process for financial advice.
• The FCA’s approach to ethical and unethical behaviours and develop understanding of the
Code of Ethics.
• The commercial and regulatory environment, products, services and legislation that inform
the financial advice process.

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 • The importance of consumer oriented communication and ethical behaviours through the
practical application of accumulated knowledge and skills through the advice process.
• The personal approaches that individuals take towards risk and rewards and the impact of
foreseen and unforeseen influences.
• The features of different types of financial services product, and how to make informed
choices about these products.
• The validity of data and information as a means of assisting in the financial decision-making
process.

Qualification learning outcomes

On completing this qualification you will understand:

Qual LO Detail Unit and LO

LO1 UK financial services industry, in its European and global context. U1 LO1
LO2 How the retail consumer is served by the financial services industry. U1 LO2
LO3 Regulation, principles, rules and legal concepts of financial services and U1 LO3, 5, 6
advice.
LO4 FCA’s responsibilities and approach to regulation. U1 lO4
LO5 Types of risk and how they relate to institutions and individuals. U1 LO7
LO6 Skills required when advising clients. U1 LO8
LO7 FCA’s principles based approach to promote ethical behaviour including code U1 LO9, 10,
of ethics and professional standards. 11
LO8 The UK taxation system. U2 LO1, 2,
3, 4, 19
LO9 The macroeconomic environment and its impact on asset classes. U2 LO5
LO10 The main characteristics and behaviours of asset classes U2 LO6
LO11 The main investment theories, products, types of risk on investment U2 LO7, 9,
performance, investment planning and advice. 10, 11, 12,
13
LO12 The time value of money. U2 LO8
LO13 Financial protection planning – the need for, trends, sources, limitations of U2 LO14,
state benefits and life assurance. 15,16,17, 18

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 LO14 Income protection insurance, critical illness insurance, long-term care U2 LO20,
insurance, other insurance based protection policies and selecting appropriate 21, 22, 23,
financial protection solutions 24
LO15 Political, economic, social and environmental factors that provide the context U2 LO25
for pensions planning.
LO16 Pensions law, regulation, HMRC taxation regime, state and individual pension U2 LO26,
schemes. 27, 28, 29,
30, 31, 32
LO15 Client information, communication and holistic financial planning. U2 LO33,
34, 35

Key skills developed

The qualification will encourage you to:
• develop an in depth understanding of the UK financial services industry and regulation;
• formulate and communicate holistic financial advice;
• create, implement and maintain financial plans.
• develop an understanding of current technical language and regulation;
• locate, extract and analyse data from different financial sources; and,
• increase your ability to work and learn independently.

Entry requirements
There are no specified entry requirements. DipFA® is equivalent to a first year degree programme.

Recognition of prior learning (RPL)

The London Institute of Banking & Finance recognises prior learning in different forms. Potentially
this means that you may not be required to register for every unit. Details of how to apply for
recognition of prior learning are available on the website.

Progression and preparation for further study

Upon successful completion of the DipFA and subject to eligibility criteria, you are able to apply for
your Statement of Professional Standing (SPS). You may also consider further study with The London
Institute of Banking & Finance. You could progress on to the Level 6 Diploma in Financial Advice (Adv
DipFA®) – an advanced qualification which leads to Chartered status* . Alternatively, the Award in

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Pension Transfers (AwPETR) enables you to qualify as a pension transfer specialist through
completion of a single unit, achievable in as little as 4 months.

This qualification can also contribute to the Professional Diploma in Banking & Finance.

Apprenticeships
DipFA® appears in the Financial Adviser apprenticeship standard and is designed to provide a solid
foundation in financial services that underpins employment in many fields within the financial
sector; this foundation is across a wider range of opportunities than would be found within a single
apprenticeship standard. Further details can be found on the Gov website.

Preparation for employment / professional development

DipFA® meets the FCA’s examination requirements for financial advisers. It also develops knowledge
and understanding of financial services and advice and enhances skills that are valued within that
sector and others. You will be in a position to make informed choices, whether to pursue a career
within the financial services sector immediately or after further study, or whether to apply the
financial skills that you have developed to other careers or study options.

Upon completion our ongoing support includes membership of the London Institute of Banking &
Finance, Continuing Professional Development (CPD) services and the issuance of Statements of
Professional Standing (SPS).

Structure
Level 4 Diploma for Financial Advisers (DipFA®) comprises two mandatory units which need to be
successfully completed to achieve the qualification:

Unit 1: Financial Services, Regulation

and Ethics (FSRE)
Level 4 Diploma for Financial
Unit 2: Advanced Financial Advice Advisers (DipFA®)
(AFA)

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Total qualification time (TQT)
TQT is a prediction of the total time a student with no prior knowledge might need to complete the
course.

TQT consists of two elements: guided learning (GL) and all other hours:
• GL is time spent studying under the immediate guidance or supervision of a teacher.
• All other hours include hours spent unsupervised in research, learning, e-learning, e-
assessment, completing coursework, completing homework, exam preparation, and formal
assessments.

DipFA is primarily considered a distance-learning, session-based qualification.

Guided learning hours 30 hours
Other hours 370 hours
Total qualification time 400 hours

Learning resources
You will be provided with the following learning resources:
• online access via MyLIBF to learning materials and to KnowledgeBank (e-library);
• specimen coursework assignment;
• unit syllabuses;
• access to online tutor forum;
• specimen paper and exemplars;
• chief examiner reports; and,
• study plan.

What to do before the FSRE assessment

On demand examinations are sat electronically at any one of the Pearson VUE test centres or via
remote invigilation. You must be registered to sit an examination at a centre of your choosing
(subject to demand / availability) or via remote invigilation; this is managed by you. It is
recommended that you book your exam 3 weeks in advance of the date you wish to sit. However,
subject to availability, an examination can be booked as little as 2 working days in advance.
Examinations can be booked via the Pearson VUE website or by phone.

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On registration, you will be automatically allocated to a specific coursework session. Coursework is
submitted via the course site; once submitted, all assignments are automatically checked by
TurnitinUK. TurnitinUK is the leading originality checking and plagiarism prevention service in the
world. Guidance on the submission process, TurnitinUK and referencing is provided on the course
site.

To prepare for all assessment elements, you should make use of all learning resources.

Assessment
Both units are mandatory and assessed. DipFA® is assessed using multiple choice and written
assessments made up of the following components:
i. Unit 1 - multiple-choice questions: 100 x 1 mark for each correct answer;
ii. Unit 2 - coursework consisting of a Main Task and short answer questions; and,
iii. Unit 2 - pre-release fact find requiring essay response in the examination.

The structure of the assignment ensures that all learning outcomes are subject to external
assessment. A total of 350 marks are available across both units.

Qualification grading
The qualification will be graded Pass. To pass you must achieve a minimum mark of 70% for unit 1
and 50% (in both the coursework and examination) for unit 2.

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The grade boundaries for unit 1 are as follows:

Grade Percentage mark

Pass 70–79
Merit 80-89
Distinction 90–100

Feedback is provided for unit 1 via analysis sheets (available on www.MyLIBF.com), to see the relative
strength of assessment performance.

For unit 2 a chief examiner’s report is provided for the coursework and for the examination. These
highlight general areas of strength and weakness and provide guidance for future students.

Resit attempts
There are no restrictions on the number of times you can resit a unit in which you were
unsuccessful, however, you must resit the unit in accordance with the published The London
Institute of Banking & Finance policies.

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Appendices

Appendix 1 – Regulation detail

This document describes the regulation detail that is applicable to the qualification.

Qualification title LIBF Level 4 Diploma for Financial Advisers

(DipFA®)

Ofqual qualification number 501 / 0114 / 6

Regulated Qualifications Framework (RQF) level 4

European Qualifications Framework (EQF) level 5

Qualification type Occupational Qualification

Guided learning hours 30

Total qualification time 400

Total credits 40

Sector subject area (SSA) 15. Business, Administration, Finance and Law

Sub SSA 15.1 Accounting and Finance

Overall grading type Pass

Assessment methods Coursework, e-assessment, multiple-choice

examination

Available in England, Wales and Northern Ireland

Qualification for ages 19+

Operational start date 01 August 2010

Qualification description Level 4 Diploma for Financial Advisers consists of

two mandatory units. A total credit value of 40
must be obtained for achievement of the
qualification.

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